BFS makes £220m available to UK SMEs in first half of 2018

06-Jul-2018

Independent
financial services provider Bibby Financial Services has recorded a strong
first half of the year, structuring 750 new funding agreements for SMEs and
further growing its market share.

In
the six months leading to July, BFS made £220m in funding available to UK
businesses.

Results
reflect an 18% increase in deal numbers, year-on-year. BFS has seen
construction finance deals increase by 71% and export finance numbers increase
by 32%, in addition to growth across its trade finance, commercial and
corporate divisions.

Speaking
of the results, BFS UK CEO, Edward Winterton said:

“In
what remains a relatively flat market, we have had a tremendously strong first
half of the year and we are seeing new applications for funding increasing
significantly.

“We
have seen growth in client numbers across the board and have achieved
significant growth across our trade, export and construction finance
businesses.

“Undoubtedly,
our strengthened product portfolio, which now includes ABL, stock finance and
foreign exchange, has helped us to uncover more opportunities to support businesses
both big and small.

“Furthermore,
we have had great success in combining our invoice finance solutions and FX
services for businesses looking to protect margins and grow in international
markets.”

Coinciding
with the latest UK Finance statistics showing overall industry advances up four
per cent, BFS now writes one in five of all invoice finance deals throughout
the UK.

Edward
continued:

“It
is fantastic that we are continuing to grow our market share, but more
importantly these results reflect vital support for UK SMEs at a time of much
uncertainty throughout the economy.

“Our
performance is testament to the hard work and commitment of our teams across
the UK, and demonstrates the benefit of our client-centric approach to
supporting SMEs.”